As Sales Slow, How Can Buyers and Sellers Navigate the Housing Market?

If low inventory – as in, not a ton of options to choose from – has been a setback for some prospective homebuyers, now may be a good time to consider entering the market.

From August 2023 to September 2023, there was a 9.3% increase in available homes for sale, according to the September 2023 RE/MAX National Housing Report. The monthly survey of 50 U.S. metro areas keeps homebuyers and sellers informed of the country’s current trends in residential real estate.

More homes available is a telltale sign of the market cooling from its hot streak – and there are multiple key reasons to point to. The ongoing increase of interest rates is one. And another is the typical fall slowdown of housing turnover. But the season being expectedly quieter for home sales could actually present opportunity for buyers in today’s market.

After all, the median sales price for September was down 2.4% month-over-month, landing at $415,000.

“We’re seeing some seasonal trends in play,” says RE/MAX President and CEO Nick Bailey. “The dip in sales followed typical seasonality, and the increase in inventory on the market was much needed to balance previous low inventory. And that’s good news for buyers who choose to enter the market this fall.”

Can this this silver lining be applicable to sellers, too?

The RE/MAX report does show that the overall number of September home sales was down 13.8% compared to August. But, it also reveals that homes sold in September spent an average of 35 days on market, which is only one day longer than August’s average of 34. And even one year ago, in September 2022, homes were spending an average of 34 days on market, too. While a slowdown may be more prevalent in some places than others, there still is fluidity in the market movement and buyers remain on the hunt.

Those getting ready to sell can use the latest market info to set their expectations – and be strategic in how they present their home.

“Make sure a home for sale looks the exact same for showings as it does on any marketing that is done (photos, 3D tours, videos, etc.). It is important for buyers’ expectations to be met when they are seeing it live, and if those expectations aren’t met, they may lose interest in the property quickly,” says Mike Opyd, President and Owner of RE/MAX Next in Chicago.

Opyd shares other factors that can help sellers put their home’s best foot forward, including removing clutter, opting for neutral paint colors on walls, and upgrading outdated flooring to carpet, hardwood, or similar sleek alternatives. Plus, it can be impactful to optimize natural lighting and implement thoughtful staging (perhaps with fall-inspired flair) when planning for listing photos, home tours, and open house events.

What’s also crucial for eager home sellers is a conversation with their real estate agent focused on an approach unique to their property. Whether you’re buying a home or selling a home in today’s market, working with a trusted professional is the best way to navigate the process with expert guidance and timely strategy.

Ready to start on your real estate journey? Connect with a local RE/MAX agent today.

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